US rig count holding steady

US rig count holding steady
The number of rigs exploring for oil in the US is nearing 1,000.
Published: 20 February 2018 - 2:16 a.m.
By: Jonathan Sheikh-Miller

The total number of rigs exploring for oil and gas in the US held steady last week, staying at 975 for the second consecutive week, reported the AP.

The figure represents an extra 224 rigs than the 751 that were in operation a year ago according to data held by oilfield services provider Baker Hughes, a GE company.

Baker Hughes reported on Friday that 798 rigs drilled for oil this past week and 177 for gas.

In the hydrocarbon heavy US states, Oklahoma upped its total by five rigs, Alaska gained four and Pennsylvania lifted by three.

New Mexico, Louisiana, Ohio, West Virginia, Colorado and North Dakota all had minor decreases.

The US rig count hit an all-time low in May of 2016, following an extended period of oil price reductions, with just 404 active rigs.

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